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Earned Income Credit, or EITC or EIC. Is a benefit for people who work, and have low
or moderate incomes. To qualify for the credit, you must meet certain requirements, and
file a tax return, even if you do not owe any tax or are not required to file. The EITC
reduces the amount of tax you owe, and may entitle you to a refund.
Federal Social Security Contribution Act (FICA). Refers to the taxes that mostly finance
Social Security retirement, disability, and survivor, spouse, and child benefits. FICA taxes
also provide a portion of the Medicare budget.
Internal Revenue Service (IRS). Also the Internal Revenue Service, is the federal instance
of the United States Government in charge of tax collection and compliance with tax laws.
It is an agency within the United States Department of the Treasury and is also responsible
for the interpretation and application of federal tax laws.